India's forex reserves fall $14.88 billion to $765.90 billion in week ended September 18

India’s foreign exchange reserves fell by $14.881 billion to $765.901 billion in the week ended September 18, driven largely by a decline in foreign currency assets, according to data released by the Reserve Bank of India on Friday.

The reserves had fallen by $4.924 billion to $780.782 billion in the previous reporting week.

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Foreign currency assets, the largest component of India’s forex reserves, declined by $14.816 billion to $630.980 billion during the week under review, the RBI data showed.

Foreign currency assets are expressed in US dollar terms and include the impact of appreciation or depreciation in non-US currencies such as the euro, pound and yen held as part of India’s foreign exchange reserves.

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India’s gold reserves, however, rose by $68 million during the week to $111.292 billion.

Special Drawing Rights (SDRs) held by India declined by $106 million to $18.739 billion, while the country’s reserve position with the International Monetary Fund stood at $4.89 billion.